Pooja Logistics IPO Day 3: Subscribed 0.68x; Retail and bHNI demand picks up pace
- Overall subscription closed at 0.68x, below the fully subscribed mark.
- Retail investors subscribed 1.01x, showing strong retail appetite.
- QIBs recorded zero subscription throughout the issue period.
- bHNI category saw a significant jump to 1.03x on the final day.
*this image is generated using AI for illustrative purposes only.
Pooja Logistics IPO concluded its three-day subscription window with a tepid response, registering an overall subscription of 0.68 times. Retail investors emerged as the primary source of demand, subscribing to 1.01 times the offered portion, whereas Qualified Institutional Buyers (QIBs) showed no interest, recording a 0.00x subscription.
Subscription Status
The issue witnessed a gradual increase in demand over the three-day period but failed to cross the fully subscribed mark. The total subscription rose from 0.34x on Day 1 to 0.47x on Day 2, and finally settled at 0.68x by the close of Day 3.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 23-09-2026 | 0.00x | 0.09x | 0.35x | 0.57x | 0.34x |
| Day 2 | 24-09-2026 | 0.00x | 0.26x | 0.51x | 0.76x | 0.47x |
| Day 3 | 25-09-2026 | 0.00x | 0.43x | 1.03x | 1.01x | 0.68x |
Category-wise Breakdown
Retail investors demonstrated the strongest appetite for the issue, driving the bulk of the subscription with a 1.01x take-up rate. Non-Institutional Investors (NII) showed moderate participation, with the bigger HNI category subscribing to 1.03 times and the smaller HNI category at 0.43 times. The Employee quota saw minimal participation at 0.35x. Notably, institutional interest remained absent throughout the offering period, with QIBs subscribing 0.00 times.
Intra-day Timeline
On the final day of the issue, demand picked up significantly between 11:15 IST and 12:15 IST. The total subscription jumped from 0.59x to 0.68x, driven by a 30.3% increase in bHNI bids and a 9.8% rise in Retail participation.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.33x | 0.92x | 0.59x |
| 12:15 | 0.00x | 0.43x | 1.01x | 0.68x |
Offer Details
The Pooja Logistics IPO opened for subscription on September 23, 2026, and closed on September 25, 2026. The price band was set between ₹109.00000 and ₹115.00000 per share. The minimum bid quantity was fixed at 2400 shares.
| Parameter | Details |
|---|---|
| Price Band | ₹109.00000 - ₹115.00000 |
| Issue Size | 392400 - 500000 |
| Min Bid Qty | 2400 |
| Open Date | 2026-09-23 |
| Close Date | 2026-09-25 |
About the Company
Pooja Logistics Limited, incorporated in 2011, provides temperature-controlled logistics services for perishable goods across India. The company operates a GPS-enabled refrigerated truck fleet of over 424 vehicles, serving clients in confectionery, dairy, quick-service restaurants (QSRs), pharmaceuticals, and e-commerce sectors. Led by Promoter and Managing Director Mr. Deepak Khanna, who has over 14 years of industry experience, the company operates across more than 26 states.
Financial Highlights
The company has shown steady growth in revenue and profitability over the last three fiscal years.
| Particulars (₹ crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 165.70 | 148.77 | 123.75 |
| Total Revenue | 167.77 | 150.49 | 125.14 |
| Profit Before Tax | 16.33 | 14.64 | 7.55 |
| Net Profit | 12.34 | 11.02 | 5.73 |
Objects of the Issue
- Purchase of Vehicles: Expand the existing fleet by adding 92 new refrigerated vehicles to meet rising demand and reduce dependence on hired vehicles.
- General Corporate Purpose: Deploy a portion of proceeds towards general corporate purposes, strategic alliances, and growth opportunities.
- Public Issue Expenses: Meet expenses related to underwriting, management fees, printing, distribution, advertisement, legal fees, and listing fees.
How might the complete absence of QIB interest impact Pooja Logistics' stock price volatility and liquidity on its listing day?
What specific valuation adjustments or strategic pivots might institutional investors demand before considering a future stake in the company?
Given the reliance on retail investors, how will the company address potential concerns regarding long-term shareholder stability and corporate governance oversight?
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